The Gupta’s are hogging in all the headlines for the wrong reasons, this time around, fraud and money is involved… wait, isn’t that always the case?

Gupta associates have reportedly peddled ‘fake Nene letter’ in oder to secure a multibillion-rand loan

The deal was linked to funding of Transnet’s multibillion-rand locomotive procurement

Gupta-linked business associates wrote and peddled a letter in the name of former finance minister Nhlanhla Nene — who has denied any involvement in the accusations, calling the letter a mere “fake/fabrication.”

The letter was found among hundreds of thousands of leaked Gupta e-mails. Written in Nene’s name, it was addressed to China Development Bank board chairman Hu Huaibang, in January 2015.

In June 2015, Transnet’s CEO Siyabonga Gama, who was then acting CEO, announced at a World Economic Forum media conference that the bank had agreed to provide Transnet with a R30bn loan facility.

The facility was close to the amount paid to Chinese companies that won the greater part of the tender, China South Rail and North China Rail.

Picture credit: Hippo.co.za

T.Nkabinde